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- Babbel | April 29th, 2024
Babbel | April 29th, 2024
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GOOD MORNING
| Index/Asset | Day | Month | Year |
|---|---|---|---|
| Dow | ▲0.40% | ▼4.33% | ▲11.63% |
| S&P | ▲1.02% | ▼3.99% | ▲21.16% |
| Nasdaq | ▲2.03% | ▼4.79% | ▲27.86% |
| Bitcoin | ▼0.55% | ▼9.28% | ▲116.83% |
| 10-Year | ▼0.79% | ▲11.15% | ▲34.42% |
Here's everything you need to know today: Big moves in tech and economics are shaking things up this year as Tesla is up big to start the week. Alphabet has also knocked it out of the park, topping earnings expectations thanks to its AI and cloud segments, and they’ve kicked off their first-ever dividend. It's a bold move that underscores their dominance and innovation in the tech world.
In biotech, ImmunityBio Inc. is grabbing headlines with the FDA approval of its game-changing bladder cancer therapy, Anktiva. This marks a major win, setting new benchmarks in cancer treatment and ramping up excitement among investors about its market debut.
Over in Japan, the economic plot thickens as the yen tumbles to a 34-year low, sparking talks of potential government action amid a backdrop of global monetary policy divergence. This currency slide is putting a spotlight on the broader economic challenges and strategic moves Japan might make in a swiftly evolving global marketplace.
Let’s dig into these stories and see what’s really going on.
BIG TECH
Alphabet Soars Past $2 Trillion Mark, Defining Future with AI and Mastering the Cloud
Tech giant Alphabet leverages its AI and cloud segments to eclipse market forecasts, rewarding investors with dividends
BREAKING NEWS
Alphabet, the titan behind Google, has broken through a new threshold, boasting a market capitalization surpassing $2 trillion after an impressive earnings announcement and a pioneering dividend initiative. Shares soared as the tech behemoth disclosed a 10% stock price increase, buoyed by superior quarterly results that eclipsed revenue and earnings forecasts. At the heart of Alphabet's success is a diversified portfolio where AI and cloud computing stand as the vanguards of its growth strategy—a vision that CEO Sundar Pichai believes firmly positions the company at the forefront of AI innovation.
WHAT HAPPENED
Alphabet's financial victory was not by chance but the result of astute business segmentation that taps into various growth domains. From Google's dominant search engine and the ever-popular YouTube platform to the burgeoning realm of cloud computing, Alphabet has crafted a robust revenue stream, widening its lead in the tech race. The company's move to return value to shareholders through a cash dividend program and a generous $70 billion stock repurchase approval further underscores its financial health and commitment to maintaining its market lead. Behind these numbers lies a strategic push into AI, with Pichai asserting the company's readiness to monetize AI through its existing platforms despite rising operational costs and fierce competition from Microsoft and Amazon.
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BIOTECH
ImmunityBio Stock Surges 43.84% on Friday as FDA Approves Pioneering Bladder Cancer Therapy
The biotech firm's latest approval marks a major win in the fight against bladder cancer, boosting investor confidence
BREAKING NEWS
ImmunityBio Inc. saw its stock soar by 43.84% to end last week following the U.S. Food and Drug Administration’s approval of its innovative bladder cancer therapy. This significant regulatory green light marks a crucial achievement for ImmunityBio, setting the stage for a new era in cancer treatment. The approval not only boosts the company's market position but also represents a major advancement in the fight against bladder cancer, potentially setting a new standard for oncological care.
WHAT HAPPENED
During a recent appearance on Market Domination with Yahoo Finance's health reporter Anjalee Khemlani, ImmunityBio’s Executive Chairman Dr. Patrick Soon-Shiong discussed the company's trajectory following the FDA’s approval of their bladder cancer drug, Anktiva. Dr. Soon-Shiong highlighted Anktiva's pioneering approach, describing it as "the next generation of immuno-therapy" capable of generating "completely durable" complete remissions lasting 47 months and more. Touting the drug’s broad potential, Soon-Shiong expressed confidence in Anktiva becoming a foundational element for checkpoint inhibitors, which are crucial in modern cancer treatment.
This approval follows massive investments totaling $400 million after initial rejections and a confident infusion of an additional $100 million aimed at stabilizing the company for Anktiva’s commercial launch slated for May.
JAPAN
Yen Plummets to 34-Year Low, Breaching 157 Mark as Bank of Japan's Steady Rates
With the yen's value dropping rapidly against a strengthening dollar, market watchers speculate on Japan's next financial maneuvers
BREAKING NEWS
Japan's currency, the yen, has fallen sharply past 157 yen to the dollar, hitting a new 34-year low in a rapid descent that accelerated after the Bank of Japan (BOJ) opted to maintain its interest rate policy. The yen's slide deepened as market participants reacted to the BOJ's decision against adjusting its bond purchasing strategy, which some analysts had hoped might bolster the weakening currency. This move, or lack thereof, combined with robust U.S. economic indicators, has significantly impacted currency markets, prompting speculation about potential government intervention.
WHAT HAPPENED
The yen's fall to 157 against the dollar was marked by a series of economic revelations and decisions that have global implications. The BOJ's steadfast approach, keeping overnight call rates between zero and 0.1% and their passive stance on bond purchases despite rising inflation forecasts, starkly contrasts with the U.S.'s more aggressive monetary responses.
On the same day, U.S. personal consumption expenditures indicated stronger-than-expected inflation pressures, dimming hopes for an early Federal Reserve rate cut and further strengthening the dollar against the yen. This divergence in monetary policy has intensified the yen's depreciation, causing concern among Japanese policymakers and businesses.
Japan's inflation has been above the Bank of Japan's 2% target for 23 straight months as of March 2024.
LAST WEEK | Here’s what you missed |
1. S&P 500 and Nasdaq Post Best Week Since November
The S&P 500 and Nasdaq Composite recorded their best week since November, driven by strong earnings from big tech companies and positive U.S. inflation data.
2. Alphabet's Significant Market Impact
Alphabet's stock soared over 10% following its earnings beat and the announcement of its first-ever dividend and a $70 billion buyback, marking its best day since July 2015.
3. Oil Prices Rebound
Oil prices snapped a two-week losing streak, rising on Middle East tensions, with U.S. West Texas Intermediate crude settling at $83.85 a barrel.
4. Strong Performances in the Tech Sector
Microsoft and Alphabet led gains in the tech sector, significantly influencing the Nasdaq's rise, as both companies showed strong quarterly results fueled by AI and cloud computing growth.
5. U.S. Dollar Hits 34-Year High Against Japanese Yen
The U.S. dollar reached a new 34-year high against the yen, influencing global currency markets and reflecting broader economic trends.
6. Copper's Strong Monthly Performance
Copper prices are set for their best month in over three years, indicating strong industrial demand and economic confidence.
7. Consumer Sentiment Stabilizes
The University of Michigan’s consumer sentiment index showed little change in April, suggesting stable consumer confidence amid economic fluctuations.
8. Major Gains for Nasdaq's Tech Giants
Nvidia, Tesla, and other tech giants posted significant weekly gains, contributing to the Nasdaq's strong performance.
9. Newell Brands' Impressive Rally
Newell Brands experienced a substantial stock price increase, marking its best performance since July 2023 following strong quarterly results.
10. PCE Inflation Data Surpasses Expectations
The personal consumption expenditures index for March rose more than expected, highlighting ongoing inflationary pressures in the U.S. economy.
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